The world has increasingly begun to focus on health after repeated reminders from both national and international health organizations about the importance of maintaining a strong immune system during the COVID-19 pandemic. Today, most individuals practice better hygiene, engage in regular exercise, drink more water, and choose healthier foods to stay fit and resilient in these challenging times. Alongside adopting nutritious diets and fitness routines, many people have also turned to health insurance as an added safeguard during the crisis.

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The pandemic has been a wake-up call, emphasizing the necessity of having health insurance coverage at all times.

Although many already own health insurance policies, it is crucial to assess how effective these plans are when faced with a serious illness such as the Coronavirus. One must ensure that a basic health policy is comprehensive enough to cover essential costs like testing, hospitalization, and treatment.

Factors to Consider Before Purchasing a Health Insurance Plan

A health insurance policy is essentially a contract between you and the insurer, where the company assumes part of your financial responsibility during medical emergencies. Choosing the right policy and provider requires careful thought.

1. Inclusions and exclusions define the scope of the plan
Every insurance policy comes with a list of inclusions (what is covered) and exclusions (what is not). Being unaware of these details could lead to higher out-of-pocket expenses or denied claims. Always review both carefully before making a purchase.

2. The earlier you buy, the better
Purchasing health insurance at a younger age is advisable since you are less likely to file frequent claims. Waiting until later in life to look for ideal policies can be costly and limiting. If you haven’t purchased one yet, now is the best time.

3. Choosing a trustworthy insurance provider
The efficiency of claim processing varies from one insurer to another. Hence, selecting a reliable company is vital. With the internet, researching insurers and reading customer feedback has become simple. At Rurash Financials, we help you identify the best plan tailored to you and your family.

4. Understand the waiting period
Most policies come with a waiting period during which you cannot raise claims for pre-existing conditions or maternity benefits. Depending on the plan and company, this duration may range from nine months to a few years. Be sure to check the waiting period before finalizing a policy.

5. Premium and sum insured
The cost of your policy (premium) depends on the amount of coverage you select. Higher premiums mean broader protection. Before buying, make sure you fully understand the coverage amount and corresponding premium.

6. Daycare procedure coverage
Modern medical advancements allow certain treatments to be completed within a day. Confirm that your policy includes coverage for daycare procedures such as cataract removal or tonsil surgery.

7. Coverage for specified diseases
Some illnesses like hernias, fistulas, or piles are covered only after a set waiting period, usually two years. Always clarify with your insurer about which conditions are included and when.

8. Non-allopathic treatment options
Alternative treatments such as Ayurveda, Unani, Siddha, Yoga, and Homeopathy (AYUSH) are increasingly popular. However, insurance policies typically impose limits on such coverage. With growing interest in AYUSH, especially post-pandemic, check how much of these treatments are included in your plan.

9. Room rent restrictions
Hospital room charges vary greatly. If your chosen room exceeds the plan’s limit, you may need to bear a proportion of the total bill. Be aware of the rent cap under your insurance to avoid unexpected costs.

10. Modern treatment coverage
Innovative medical techniques like robotic surgery, CyberKnife, or stem cell therapy deliver more precise results but are expensive. Always verify whether your policy covers such advanced treatments.

11. Add-on covers
Many insurers allow you to enhance your base policy with add-on covers. While these add-ons offer greater protection, they come with additional premiums. Choose wisely based on your needs.

12. Pre- and post-hospitalization coverage
Expenses such as tests, consultations, and treatments before and after hospitalization are often included, but terms vary by insurer. Check whether your plan provides this benefit.

13. Co-payment clauses
Some policies require you to share a fixed percentage of medical costs. While these plans come with lower premiums, they also reduce the amount reimbursed. If opting for such a policy, carefully evaluate the co-pay terms.

14. Network hospitals
Choose insurers with an extensive hospital network that offers cashless treatment. This ensures quicker, smoother, and more affordable access to healthcare.

15. Employer-provided health insurance
Coverage offered by employers ends once you leave the job. Relying solely on it could put you and your dependents at financial risk. It’s advisable to purchase a personal health policy for long-term security.

Recommended Plan: Care Health Insurance

Care Health Insurance Limited, a subsidiary of Religare Enterprises and part of the Religare Group, provides a variety of plans designed to meet diverse healthcare needs.

They are recognized for their strong claim settlement ratio, standing at an impressive 95.2%.

Some key benefits of their policies include:

  • Unlimited automatic recharge of the insured sum, ensuring you never run out of coverage.
  • Coverage for hospitalizations due to related illnesses.
  • A claim bonus of up to 200%, one of the highest in the industry.
  • Personal accident protection for the primary insured.
  • Complimentary annual health check-ups for all covered members.
  • Pre- and post-hospitalization expenses covered for 60 and 90 days respectively.
  • Family protection with coverage options up to ₹6 Crore.
  • Access to 16,000+ cashless network hospitals.
  • No pre-policy medical check-up required.
  • Quick claim approvals, often within two hours.

With Care Health Insurance, you gain a comprehensive, flexible, and family-friendly plan that not only offers high claim bonuses but also ensures smooth claim settlement and extensive medical coverage.

Another prominent life insurance company in Bangladesh is Popular Life Insurance Co. Since its establishment in 2000, the company has grown into a national leader within the insurance sector. Over the years, its customer base has steadily expanded, and it has consistently maintained profitability. By the end of the 2018 financial year, the company’s cumulative life fund and total investment stood at 17 billion BDT and 13 billion BDT, respectively.

Popular Life now employs a workforce of over 15,000 staff members. The company provides services through agents in rural areas as well as through its corporate and divisional offices across the country. Currently, it offers 15 different programs centered around microfinance and insurance services.

6. Meghna Life Insurance Co. Limited

For more than two decades, Meghna Life Insurance has been delivering insurance solutions to Bangladeshis across various income groups. Founded in 1996 by a team of like-minded professionals, the company began on a relatively small scale but quickly rose to prominence thanks to its dependability and strong customer service.

Today, Meghna Life holds assets worth 15 billion BDT, with steady annual growth since inception. The company employs around 14,000 people nationwide. One of its notable strengths is its prompt claim settlement process, which has earned the trust of policyholders.

Currently, the company offers 8 different schemes under five main categories. It also provides an Islamic insurance option, which enjoys wide popularity among customers.

7. Golden Life Insurance Limited

Golden Life Insurance Limited commenced operations in 1999 after receiving its PLC license. The company initially set out to expand access to microinsurance and reduce the long maturity gap of 10–20 years that existed at the time. This innovative approach quickly made the company well-recognized among the public.

Golden Life now offers 10 unique programs, most of which follow Islamic Shariah principles. To make insurance more accessible, especially in rural areas, the company employs over 8,000 business development officers across Bangladesh. To date, it has paid out claims exceeding 35 billion BDT, reflecting its strong market presence and customer commitment.

8. Sunlife Insurance Company Ltd

Founded in 2000, Sunlife Insurance set out to promote business growth, customer security, and financial well-being. The company soon rose to prominence as one of the leading insurers in Bangladesh. Its primary focus is on protecting small households, ensuring that individuals from all walks of life can access adequate coverage.

9. Padma Life Insurance Company Ltd

Padma Life Insurance, headquartered at Rupali Bima Bhaban in Dhaka, primarily provides policies focused on human life. Customers can choose from a variety of schemes tailored for both high and low returns. The company aims to make its services accessible to the general public with a wide range of offerings.

10. Sandhani Life Insurance Co. Ltd

Since its inception in 1990, Sandhani Life Insurance has been among Bangladesh’s leading life insurance providers. The company operates nationwide, contributing to both social and economic development. Through its extensive range of microinsurance services, it supports long-term community growth and transformation.

11. Pragati Insurance Company Limited

Unlike the others, Pragati Insurance specializes in non-life insurance services. It offers coverage for machinery, accidents, housing, factories, and other areas, excelling in this niche. Its strong performance has established it as a trusted provider in the non-life insurance segment.

In Summary

Bangladesh is home to numerous health and life insurance providers, each offering a wide selection of plans and services. These companies ensure reliable policies, efficient customer service, and smooth claim processing. With the right insurance partner, individuals and families can safeguard themselves from unforeseen medical expenses and enjoy peace of mind knowing they have dependable coverage for times of illness or emergencies.